Citigroup Raises Broadcom (NASDAQ:AVGO) Price Target to $285.00

Broadcom (NASDAQ:AVGO) had its target price lifted by analysts at Citigroup from $276.00 to $285.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price objective indicates a potential upside of 16.50% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Barclays lifted their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday. Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Rosenblatt Securities lifted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Susquehanna lifted their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday, June 6th. Finally, Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. Two analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Trading Up 0.1%

Shares of Broadcom stock opened at $244.63 on Monday. The company’s fifty day simple moving average is $206.98 and its 200-day simple moving average is $207.63. The stock has a market capitalization of $1.15 trillion, a PE ratio of 199.54, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company posted $10.96 EPS. As a group, equities analysts anticipate that Broadcom will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 720,576 shares of company stock worth $131,249,694. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Broadcom by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer’s stock worth $79,900,968,000 after purchasing an additional 2,085,534 shares during the period. Geode Capital Management LLC lifted its position in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC raised its stake in shares of Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Norges Bank bought a new position in shares of Broadcom during the 4th quarter worth approximately $16,893,010,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after acquiring an additional 17,985,046 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.